Vedanta Limited will issue non-convertible debentures (NCD) worth Rs 2,000 crore with an aim to refinance its debt. The Anil Agarwal-led mining conglomerate, said, in a stock exchange filing, it is in the Â´process of issuing secured, rated, non-cumulative, redeemable NCDs of Rs 10 lakh each up to Rs 2,000 crore on a private placement basis.-Ã¶ The issuance of NCDs is part of the overall debt refinancing of the company to substitute short-term liabilities and/or to retire higher cost debt.Â´
The NCDs are proposed to be listed on the Bombay Stock Exchange, BSE. The notice further said the issue Â´is part of the overall approval of Rs 8,000 crore by the board and the shareholders at the 50th AGM of the company held on July 11, 2015, permitting issuances in one or more tranches on a private placement basis.Â´
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